Question on new tax law

[sellerbe]

It seems that the combined deduction of property taxes and state income taxes will be capped at $10,000.00.

Won't this affect some land owners significantly?

I think that as a retired landowner my taxes will go up.

Also interest paid on home equity loans will no longer be deductible. That's going to affect a lot of folks.

[BA Deere]

No us farmers can deduct all our land tax...that`s what I`m gonna do.  The $10,000 cap is for the millionaires and billionaires in the 1% with their McMansions.   As long as your home isn`t over $750,000 you can deduct mortgage interest, what are you Scrooge McDuck?   🙂

[r3020]

I think BA is right. But wall street hates it. That's why the north east repubs voted against it.

[hardnox]

That's on personal, you can still write that stuff off against rental income.

[JimMeade]

Iowa State has a quick list of major issues:

https://www.calt.iastate.edu/blogpost/congress-passes-sweeping-new-tax-legislation